The Common Council shall have the right to institute proceedings in the name of the Town for the condemnation of real estate for streets, alleys, drains, markets, market ground, Town prison or other work or purposes of public utility; such provision shall conform to Chapter forty-two of the Code of West Virginia. And said Common Council shall also have power to acquire by purchase, gift or condemnation one or more lots necessary for Municipal buildings on which to place such buildings as they may deem necessary for the meeting of said Common Council and for the keeping of the office of said Common Council, and for the keeping of the property of said Town; and said Common Council shall also have the power to organize or authorize the organization of fire companies, hose companies or any other company or aggregation or persons for the purpose of protecting the property of the citizens of said Town against destruction by fire, and authorize such companies to create and hold property necessary and ordinarily held and used by such fire companies. Common Council shall not have power to release or relieve any taxpayer from payment of taxes levied on or assessed against him or them.